Electronic banking methods, including online accounts, have been in use for a number of years. For customers, the ease of access to account information and money management tools from virtually any location where computer connectivity is available is a very attractive and much less time consuming alternative than having to physically appear at a financial institution, such as a bank. For the financial institution that is offering online accounts to their customers, the economic benefits of online accounts are extraordinary. These benefits typically include less paper to handle, easier audit procedures, more streamlined operations, fewer employees to manage, more efficient and effective accounting through expanded use of automation, increased ability to provide interactive products to customers, etc.
While electronic banking methods have made life easier for customers once the electronic accounts are set up, the same cannot be said about the typical procedure used for opening the online (electronic) account. Typical systems in use today do not automate the online account opening process thereby creating a barrier to entry for customers who would otherwise benefit from an online account. Many existing online account opening systems require the customer to provide information to the financial institution which must then contact the potential customer later, typically via an offline communication. The customer's information must then be handled manually by an employee or temporary employee of the financial institution thereby greatly increasing the time necessary for opening an online account as well as dramatically increasing the probability for errors in processing the customer's request. Consequently, the customer resistance to the hassle, real or perceived, involved in opening an online account limits the potential benefits such accounts provide to both customers and financial institutions. Additionally, current nonautomated systems cannot take advantage of cross-sell opportunities that may present themselves if the online account opening system were automated.
The present disclosure addresses the above problems by describing methods for automating key aspects of the account opening process for customers. These methods may include, for example, ensuring that the online accounts comply with all applicable laws and regulations, establishing business processes as needed to implement and support the online account opening solution, streamlining the online account opening process for the financial institution and customers or potential customers, increasing the overall efficiency of the operation of the financial institution, etc. Some of the efficiency benefits that may be realized by automating the online account opening process may include, for example, reducing labor costs (typically for temporary personnel) incurred in support of the online account opening process, reducing the expense associated with current, nonautomated, methods for online account opening, accelerating the funding rate of accounts opened online, increasing the offer and acceptance rates of cross-sell opportunities at the time of opening the online account, obtaining quicker and more efficient access to the increasing population segment of customers who prefer to conduct business online, and engendering increased customer satisfaction by improving the customer experience for online account opening.
Accordingly, it is an object of the present disclosure to provide a method for interfacing with a financial institution using a computer interface where the method may include receiving a customer's interface request at the financial institution; sending a first content to the customer where the first content may be presented to the customer and may include a list comprising one or more products; receiving at the financial institution a first input from the customer which may be based on the first content and may include a choice of one or more of the offered products; determining if the customer is a current online client of the financial institution; if the customer is a current online client, receiving from the customer a first set of information which may be verified by the financial institution (or by a third party which is not part of the financial institution) and sending a second content to the customer; if the customer is not a current online client or if the first set of information is not verified by the financial institution (or third party), requesting a second set of information from the customer and determining a status of the customer (either internally by the financial institution or externally by a third party), by (i) receiving at the financial institution the second set of information from the customer; (ii) determining if the customer is an offline client of the financial institution which may be based on the second set of information and if the customer is an offline client, sending the second content to the customer; and (iii) determining an identification of the customer if the second information has been received and the customer has been determined to be an offline client, or flagging the customer as a pending customer if an identification of the customer cannot be determined; performing a suitability check on the customer or pending customer which may be based on the first input; approving the customer or pending customer for the chosen product which may be based on the suitability check or flagging the customer as a pending customer if not approved for the chosen product (which may be based on the suitability check); and sending a third content to the customer or pending customer which may be based on a set of qualification criteria where the third content may include a list comprising one or more cross-sell products.
Additionally, the above method may further include receiving at the financial institution a second input from the customer or pending customer which may be based on the third content and may include a choice of one or more cross-sell products; sending a fourth content to the customer or pending customer; and sending a fifth content to the customer or pending customer.
Still further, the above method may include setting up an account for the customer if the customer has been approved for the chosen product; and informing the customer of the account set up.
The above advantages, as well as many other advantages, of the present disclosure will be readily apparent to one skilled in the art to which the disclosure pertains from a perusal of the claims, the appended drawings, and the following detailed description.